Revised Code of Washington (RCW) (Last Updated: August 9, 2016) |
Title 31. MISCELLANEOUS LOAN AGENCIES |
Chapter 31.45. Check cashers and sellers. |
Section 31.45.086. Small loans—Right of rescission.
Latest version.
- A borrower may rescind a loan, on or before the close of business on the next day of business at the location where the loan was originated, by returning the principal in cash or the original check disbursed by the licensee to fund the small loan. The licensee may not charge the borrower for rescinding the loan and shall return to the borrower any postdated check taken as security for the loan or any electronic equivalent. The licensee shall conspicuously disclose to the borrower this right of rescission in writing in the small loan agreement or small loan note.